It is the second cut this month. Rates were last cut on August 1 when petrol price was reduced by Rs 2.43 per litre and diesel by Rs 3.60 a litre.Sanjeev Choudhary | ET Bureau | August 15, 2015, 04:50 IST

NEW DELHI: Fuel retailers have cut petrol and diesel prices by Rs 1.27 a litre and Rs 1.17 a litre respectively after aligning them with international prices and adjusting for foreign exchange rates.

In Delhi, petrol will cost Rs 63.20 a litre from Saturday while diesel will be available at Rs 44.95 a litre. There will be marginal variations due to local levies in other places.

Fuel retailers review petrol and diesel prices every fortnight and make adjustments based on the global rates of the products.

“Since last price change, there has been a decrease in international prices of both petrol and diesel. The exchange rate has, however, depreciated during this period. Combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease,” Indian Oil Corp, the nation’s largest fuel retailer, said in a statement on Friday.

The movement of prices in international oil market and the exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, the company said.